Corel files for $184 million IPO

Software maker went private in 2003

By

SteveGelsi

NEW YORK (MarketWatch) -- Corel Corp., maker of WordPerfect, WinZip and Paint Shop Pro software, filed Tuesday to raise up to $184 million in an initial public offering after going private three years ago.

The company plans to trade on the Nasdaq under the symbol "CREL" and on the Toronto Stock Exchange under the symbol "CRE."

Formerly a public firm that held its IPO in 1989, Corel was taken private in 2003 by Vector Capital. The company said that it expects to price its IPO at $18 to $20 a share and offer 8 million shares.

The company also said it expects revenue of $44.3 million and operating income of $5.7 million in the three months ended Feb. 28, up from revenue of $43.2 million and operating income of $3.4 million in the year-ago period.

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